Federal Direct Loans
Madonna University participates in the William D. Ford Federal Direct Loan Program. Under this program, the federal government lends money for college expenses to students through the University. Loans are borrowed funds and must be repaid with interest.
Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for Federal Direct Loans. New borrowers are required to complete Entrance Counseling and a Master Promissory Note (MPN). The Entrance Counseling session and MPN can be completed electronically at Federal Student Aid.
Direct Consolidation Loan
Direct Loan Consolidation allows borrowers with multiple federal student loans to consolidate (combine) them into one loan with a single monthly payment. To learn more about the benefits and disadvantages of consolidating federal loans, visit: Student Loan Consolidation | Federal Student Aid
Exit Counseling and Federal Student Loan Repayment
Federal regulations require student loan borrowers to complete Exit Counseling if they graduate, withdraw or attend less than half-time. Exit Counseling provides students the opportunity to review their responsibilities and payment options before repayment begins. The office of Federal Student Aid published the Direct Loan Exit Counseling Guide, which is available online. The Guide provides important information on loan repayment, deferment, debt management and loan consolidation.
Information on Federal Student Loan Repayment can be found at: Manage Loans | Federal Student Aid. Students can view current loan amounts, outstanding balances, loan statuses and disbursements by logging into their account at Log In | Federal Student Aid.
The Ombudsman Group is dedicated to helping resolve complaints related to the federal student aid programs, including Direct Loans, Federal Family Education Loan (FFEL) Program loans, Perkins Loans, and grant programs. Click here for more information.
Private Loan Program
A private loan is a nonfederal, credit-based loan designed to help bridge the gap when federal loans and other aid do not cover the cost of attendance. A private loan, when combined with other financial aid, cannot exceed the cost of attendance as determined by the University. To view your estimated cost of attendance, log into your MY Financial Aid account and select the College Financing Plan from the menu.
We encourage all students to apply for federal, state, and institutional financial aid by completing the Free Application for Federal Student Aid (FAFSA). You may consider a private loan after exhausting all other financial aid options, such as scholarships, grants, and Federal Direct Loans. You can learn more about federal loans on the U.S. Department of Education’s website.
The lenders included in the ELMSelect Comparison Tool have recently provided private loans to Madonna University students. You have the right to select any lender for a private loan; the list does not imply endorsement.
There are a number of private loan programs available, and only you can decide which option best fits your financial situation. Use the ELMSelect Comparison Tool to compare varying repayment options, terms, and conditions. For additional information, please contact the specific lender(s).